http://online.wsj.com/article/SB10001424052748703315404575250610059801620.html?KEYWORDS=zuckerman
Great article about the biggest problems facing Western economies. Note recent articles about Governor Schwarzenegger unable to reduce costs because courts continue to uphold extortionary labor agreements.
This problem is due to a defect in labor laws whereby people are expected to vote to reduce their own wages and benefits when economic conditions dictate the need.
Also, there is no system or solution to ‘bankrupt’ schools, cities, towns, States to solve these problems or prevent them from getting this bad.
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